A Turning Point for Chinaâ€™s Stance on Counterfeit Luxury Goods

In China, government leadership is essential to the rise and fall of any and every industry. When it comes to luxury goods, this leadership has fallen short of expectations, allowing a massive trade in counterfeits to grow.

According to U.S. Chamber of Commerce estimates, Greater China is the source of 86 percent of the worldâ€™s counterfeit goods, a portion valued at a staggering $397 billion.

Even e-commerce giant Alibaba, itself a major target of anti-counterfeit critics worldwide, has called on the Chinese government to do more to fix its â€śambiguousâ€ť efforts. A statement released last year by the company appealed to the government to step up its approach: â€śCounterfeiting is damaging, not only to consumers and legitimate merchants, but also to innovation and the long-term economic development of our nation, hindering Chinaâ€™s growth as a responsible economic power,â€ť read the statement.